Bitcoin (BTC) met the showtime of U.S. trading with a bang on Dec. 1 every bit the Wall St. open up sparked a run above $58,500.

BTC/USD ane-hour candle chart (Bitstamp). Source: TradingView

Analyst: $56,000 may accept been resistance flip

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining two% in an hour Wednesday, canceling out the bulk of overnight losses.

The pair had hit $59,000 the day earlier in a similarly-timed motion before giving up progress to dive to local lows of $56,700 on Bitstamp.

For Cointelegraph contributor Michaël van de Poppe, hope was back that Bitcoin would now challenge firm resistance at $lx,000.

As Cointelegraph reported, the area at and in a higher place $60,000 now represents the resistance level to trounce and hold in order to secure bullish continuation.

Recent events appeared to make such a scenario less likely in the short term, as resistance intensified and support at lower levels conversely evaporated.

Much like what happened earlier in the yr with the $30,000 floor, notwithstanding, hope remains that $50,000 will continue to form the line in the sand.

The November close meanwhile marked the first failure in a longstanding Bitcoin price model to capture BTC toll operation. The floor model from analyst PlanB predicted an end-of-month price of $98,000.

Ethereum comes within 5% of best highs

Altcoins took reward of the latest Bitcoin increment, with the top x cryptocurrencies by market cap posting as much as half dozen% gains on the day.

Related: Ethereum approaches a new ATH, but derivatives data reflects mixed emotions

Ether (ETH) returned to within hit distance of $5,000, this accompanied past connected strength against Bitcoin.

ETH/BTC hitting 0.083 BTC on Dec. 1, marker its highest since May and almost challenging levels from 2022.

ETH/USD 1-week candle chart (Bitstamp). Source: TradingView

"ETH is only +5% away from reaching new All Time Highs," trader and annotator Rekt Majuscule noted.